Illinois Republicans offer pension fix

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Until now, the debate on fixing Illinois’ underfunded pension system centered on two competing Democratic proposals; now, state Republicans are offering an alternative.

It would move state employees into a 401k system or something similar; they would contribute 8% of their pay to their pension, and the state would make a 7% matching contribution.

But the GOP plan isn’t given much chance of passage in a state government dominated by Democrats.

State House Speaker Mike Madigan’s pension plan would cut benefits the deepest; it has Governor Quinn’s support.

State Senator John Cullerton’s plan would cut less, and it has union support; but any plan would have to survive a court challenge.

The illinois General assembly will hold a special session on the pension crisis Wednesday.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

1 Comment